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Exercise 9-3 Incorrect answer. Your answer is incorrect. Try again. Swifty Company follows the practice of...

Exercise 9-3 Incorrect answer. Your answer is incorrect. Try again. Swifty Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,600 $3.58 $5.04 $1.79 1333 1,300 3.02 3.81 1.12 1426 1,200 5.04 5.60 1.57 1437 1,400 4.03 3.58 1.51 1510 1,100 2.52 3.64 1.57 1522 900 3.36 4.37 0.90 1573 3,400 2.02 2.80 1.34 1626 1,400 5.26 6.72 1.68 From the information above, determine the amount of Swifty Company inventory. The amount of Swifty Company’s inventory $Entry field with incorrect answer now contains modified data

Homework Answers

Answer #1
Item No. Quantity Cost per unit Estimated selling price Cost to complete and sell NRV Lower of cost or NRV Inventory value
1320 1600 3.58 5.04 1.79 3.25 3.25 5200
1333 1300 3.02 3.81 1.12 2.69 2.69 3497
1426 1200 5.04 5.6 1.57 4.03 4.03 4836
1437 1400 4.03 3.58 1.51 2.07 2.07 2898
1510 1100 2.52 3.64 1.57 2.07 2.07 2277
1522 900 3.36 4.37 0.9 3.47 3.36 3024
1573 3400 2.02 2.8 1.34 1.46 1.46 4964
1626 1400 5.26 6.72 1.68 5.04 5.04 7056
Total 33752
The amount of Swifty Company’s inventory = $33752
Note: NRV = Estimated Selling Price-Cost to Complete and Sell
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